Satellite broadcaster BSkyB was yesterday forced to reduce its stake in Manchester United from 11.1 to 9.9% in order to comply with Premier League rules. The group’s acquisition of a 9.9% stake in Leeds Sporting, the parent company of Leeds United, in August this year (see BSkyB Takes £13.8m Stake In Leeds United), broke League regulations which state that one shareholder cannot own more than 10 per cent of one Premiership club and acquire shares in another.
The broadcaster bought its stake in Manchester United in the midst of its takeover bid for the football club which eventually failed (see BSkyB And Manchester United Create Controversy). Yesterday Sky was ordered to sell almost £3 million worth of shares.
BSkyB: 0171 705 3000 Premier League: 0171 298 1600
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